Back in February, the National Association of Insurance Commissioners (NAIC) adopted amendments to the NAIC Suitability in Annuity Transactions Model Regulation. NAIFA National describes these amendments as consisting of, “enhanced consumer protections and other revisions, and the revised NAIC Model requires producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest.” This amended model affects financial professionals working with annuities.

NAIFA National is in strong support of these amendments and encouraging states to adopt these amendments through their respective state legislatures. Recently, Arizona, Iowa, and New York have adopted these rules, while almost a dozen other states have begun the process to bringing it forth to their state legislatures.

A bill to adopt these amendments has already been drafted and will be filed in the Texas House of Representatives and Texas State Senate this coming legislative session. The NAIFA-Texas Government Relations Committee has made this a top legislative priority and will be working closely with bill authors to ensure it gets passed through both chambers.

Read more about these amendments, please click here.